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Oil prices reach $77.4, amid fears of low supply

Economic News

Oil prices reach $77.4, amid fears of low supply

 

Oil prices recovered to touch their highest level in 3 years against the backdrop of low supply and a shortage of energy globally, especially natural gas, to meet the increasing demand for it, which makes resorting to Brent crude in power generation highly likely.

 

A barrel of Brent crude for November delivery recorded $77.4, while West Texas Intermediate crude for delivery in the same month recorded $73.32 a barrel.

 

And the US Energy Information Administration announced that US crude stocks fell for the 17th consecutive week, at a rate greater than expected at 3.5 million barrels, to record 414 million barrels, the lowest level since October 2018.

 

 

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